May 2014 Market Statistics

Okanagan-Shuswap Housing Market
Posts Strongest May Unit Sales in Seven Years

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported May sales activity of all MLS® property types were up 31% compared to the same month in 2013 – posting a 25% improvement over April and the strongest unit sales for May since 2007.

“Spring sales activity in the Okanagan-Shuswap is much stronger than in previous years. Following five months of steady growth in sales with inventory down despite listings being up, OMREB has moved firmly into balanced market conditions,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan.

The North Okanagan leads the way in growth this month with a 51% improvement in overall sales, compared to 31% in the Shuswap, and 24% in the Central Okanagan. The North saw a 58% rise in single family residential sales in May, compared to 17% in the Shuswap, and 12% in the Central Okanagan.

“The selection of entry level home choices has been picked over and is significantly reduced with the drop in active listings,” Griffiths notes. “As consumer confidence continues to build, some buyers are viewing properties in a higher price range to find better inventory and value.”

Low mortgage rates and competition among lenders are continuing to support higher levels of consumer demand this spring. Increased purchases at the higher price ranges suggest continued improvement in consumer confidence is well under way in our Board area. Accelerating market and employment conditions in Alberta, combined with an unfavorable US exchange rate, are pushing recreation buyers back into the Okanagan-Shuswap.

“While an increase in purchases of higher priced homes is being reflected in a jump in the average  price of units sold during May, this does not equate to a significant increase in the price of single family home prices. Pricing has remained fairly stable with relatively modest gains seen in some locations.”

Despite balanced market conditions, the competition for buyers can still be a challenge for sellers if their properties are not priced well, Griffiths warns.

“Being realistic about the market value of your home, setting an attractive list price right out of the gate, and being willing to negotiate for the best offer are the keys to a successful sale. Market conscious and competitive home sellers are sharpening their pencils and seeing results.”

Low mortgage rates and competition among lenders are continuing to support higher levels of consumer demand this spring. Increased purchases at the higher price ranges suggest continued improvement in consumer confidence is well under way in our Board area. Accelerating market and employment conditions in Alberta, combined with an unfavorable US exchange rate, are pushing recreation buyers back into the Okanagan-Shuswap.

“While an increase in purchases of higher priced homes is being reflected in a jump in the average price of units sold during May, this does not equate to a significant increase in the price of single family home prices. Pricing has remained fairly stable with relatively modest gains seen in some locations.”

Despite balanced market conditions, the competition for buyers can still be a challenge for sellers if their properties are not priced well, Griffiths warns.

“Being realistic about the market value of your home, setting an attractive list price right out of the gate, and being willing to negotiate for the best offer are the keys to a successful sale. Market conscious and competitive home sellers are sharpening their pencils and seeing results.”

Central Zone (Peachland to Lake Country): During May, overall sales in the Central Zone were up 24.0% -- to 594 units from 479 in 2013. Total residential sales for the month improved 23.0% to 545 units compared to 443 last year at this time. The sale of single family homes was up 12.3% over May 2013 (to 293 from 261).

The 1,145 new listings taken in the Central Okanagan during the month saw a 6.3% rise compared to 1,077 in 2013, and total inventory was reduced by 13.8% to 4,078 units from 4,732 last May.

How REALTORS® can help when buying or selling a home:

• BUYING OR SELLING – Home values vary based on type and location: It is important to consult with a REALTOR® about how your property type is currently faring locally, and how it compares to similar listings in your particular neighbourhood.

• SELLING – Pricing is crucial when listing your home: Serious sellers recognize that their properties must be priced within the current market conditions. Homes that are priced well are the ones that are selling, as has been evident this year.

• NEGOTIATING – For a successful purchase and sale: The professional negotiation skills of a REALTOR® bring buyers and sellers together for a successful sale. 

Central Okanagan

Condo/Apt
Sales 97
New Listings 212
Current Inventory 701
Sell/Inv. Ratio 13.84%
Days to Sell 108
Average Price $264,810
Median Price $229,000

Condo/Townhouse
Sales 96
New Listings 132
Inventory 458
Sell/Inv. Ratio 20.96%
Days to Sell 87
Average Price $347,255
Median Price $332,500

Lots
Sales 35
New Listings 86
Current Inventory 524
Sell/Inv. Ratio 6.68%
Days to Sell 383
Average Price $445,354
Median Price $207,500

Residential
Sales 293
New Listings 508
Inventory 1,339
Sell/Inv. Ratio 21.88%
Days to Sell 76
Average Price $500,919
Median Price $459,000

Ratio of Sales vs Inventory 19.95%

Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe

For more information and up-to-date market stats, contact Amanda Westrheim atwww.AOKHOMES.ca or call 250-863-9230 or email at Amanda.Westrheim@Century21.ca

Amanda Westrheim

Amanda Westrheim

REALTORĀ®
CENTURY 21 Assurance Realty Ltd.
Contact Me

Blog Archives